Coupa catches $7.5M for business procurement software
Coupa Software, maker of software that helps businesses keep track of what they are buying and how much they are spending, has remained buoyant through the economic downturn, now raising $7.5 million in a third round of funding. Based in San Mateo, Calif., the company has actually benefited from the recession, allowing its clients to curtail purchasing and save money.
That’s also how it was able to raise $6 million from Battery Ventures and BlueRun Ventures last April as the economy was slowly sliding downward. The software-as-a-service provider bills itself as a one-stop-shop where employees can search for and buy the supplies they need, and their managers can approve requests going up the chain of command.
The company has built several other features into the product, taking it beyond basic e-procurement. For example, it now includes a dashboard indicating where certain requests fit into overall corporate spending, and predicting whether or not staffs should tighten their belts. It has also added integration with Quickbooks and Twitter to connect companies with its more than 2,300 suppliers.
El Dorado Ventures joined BlueRun and Battery to provide the recent round. It has now raised about $14.6 million to date.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.